Investment News

The future of automobile: BIDA holds view-exchange on electric vehicles

Dec 30, 2019

Global automakers faced with climate change, rising oil prices and fears of future shortages of energy are shifting gears to develop state-of-the-art electric vehicles. Research suggests that engines than run on fossil fuel are 70 percent efficient, whereas the engines of electricity-run vehicles are 98 percent efficient.  

As Bangladesh works to diversify its growth, it should immediately consider strengthening the foundation for production and use of electric vehicles, said BIDA chief Md. Sirazul Islam in a view-exchange joined by top representatives of Nitol Group, Rangs Group, Navana Group, Anwar Group, Pragoti Industries, ACI Motors, PHP Automobiles Limited, Energypac, Ifad Group, Walton Hi-Tech Industries and many more.

There was a presentation provided on behalf the Innovation Lab of the A2i project. Several participants expressed interest in manufacturing electric vehicles while discussing constraints concerning registration of such vehicles. Following the meeting, BIDA decided to form a committee to identify investment opportunities for electric vehicles and make necessary recommendations.

BIDA will also urge the Ministry of Bridges and Road Transport to create a policy for electric vehicles and organize discussions among Bangladesh Road Transport Authority (BRTA), Bangladesh Automobile Manufacturing Association, NBR, A2i’s Innovation Lab and the Ministry of Industries.